• Saturday, July 13, 2024
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Am Realty sees new housing units in Lagos tackling deficit

How fraud, corruption, others contribute to Nigeria’s low housing stock …as Dangiwa pledges reforms to unlock sector’s potential

Am Realty Limited, a real estate and property company in Lagos has launched a new short-let apartment in a bid to provide affordable housing and help in tackling housing deficit in Nigeria.

The 12 flats luxury investment known as Chrestville apartment, located at No. 14 Arikewuyo in Ilupeju area of Lagos State, according to the company will not only aid in tackling housing deficit in the country but also create avenues for development, especially for the host community.

Mayowa Adebolu, chief executive officer, AM Realty Limited speaking at the launch of the Apartment said, ” the housing units will serve a lot of people at the same time and help in tackling the issue of housing deficit in the state.”

“It also presents an opportunity for development especially for the host community in the sense that it is a commercial property. We have to make the community have a better environment outlook. We have further fortified the security at the entrance of the street and also connected to doing some major repairs and planting of trees at the entrance of the property,” Adebolu said.

The CEO also noted that the company is also committed to doing some CSR to improve the livelihood of the people in the host community which will also boost clients’ confidence for investment in the area.

Read also: How short term impact of Lagos Blue Rail Line will drive real estate demand

Also, the CEO disclosed that the company has an expansion plan in Lagos to make homeowners easy and reduce barriers to owning properties that generate cash flow in developed areas in Lagos.

“We are planning to extend the shortlet to another location. We currently have one in Surulere that we will be commencing this month. The major has been to reduce the barrier to making cash flow in real estate investments. Giving people access to having monthly income especially in places that have high demand and highly commercial areas. That’s why we choose Ilupeju and Surulere because the locations are strategic because it has to be a few minutes drive to commercial places.”

Meanwhile, Dayo Adenuni, chief financial officer (CFO), AM Realty limited said there is a need for large scale tall outlets like the newly launched Chrestville that will accommodate many people at the same time, thereby helping to reduce housing shortage in the state.

He said, “there is a need for multiple housing units that will be in a tall large building for low income earners rather than all this small housing as we see in other places in Lagos. We need housing units that can house hundreds or thousands of people at the same time. There will be a lot of service providers that will ensure those places are maintained at the right time.

“We need to revive the low income housing policy of someone like Lateef Jakande, the former governor of Lagos State. We need to continue from what he did to make home ownership affordable. Those are the ways to make it easier.”

He also pleaded with the government to provide an enabling infrastructure and environment for the real estate sector to thrive and attract more investors in the state.